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The Small Business Capital Market Behavior in Athens Stock Exchange

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Abstract

Financing small and medium enterprises (SMEs), especially business investments and growth, is a composite and particular complicated affair in the Greek entrepreneurial reality. This paper examines the significance of secondary capital markets, as an alternative source of financing small-medium enterprises’ new entrepreneurial plans. Cointegration technique is applied to test the relationship between the secondary capital market and the dominant sectors in Athens Stock Exchange (ASE). Causality tests are also used to provide evidence on the existence of interdependence between the cointegrated series. The results indicate that there is significant uni-directional causality between primary and secondary capital market in Greece, enhancing us to suggest valuable policy implications.

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Authors and Affiliations

  1. Department of Business Administration, University of Aegean, 6 Cristou Lada str., office 15, 10561, Athens, Greece

    Aristeidis Samitas

  2. Faculty of Economics, University of Athens, 5 Stadiou str., office 115, 10562, Athens, Greece

    Dimitris Kenourgios

  3. Department of Business Administration, University of Aegean, 8 Michalon str., office 11, 82100, Chios, Greece

    Nick Konstantopoulos

Authors
  1. Aristeidis Samitas
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  2. Dimitris Kenourgios
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  3. Nick Konstantopoulos
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Correspondence to Aristeidis Samitas.

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Samitas, A., Kenourgios, D. & Konstantopoulos, N. The Small Business Capital Market Behavior in Athens Stock Exchange. Small Bus Econ 27, 409–417 (2006). https://doi.org/10.1007/s11187-005-5254-8

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  • DOI: https://doi.org/10.1007/s11187-005-5254-8

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